Even Tesla CEO Elon Musk, according to Binance CEO CZ Zhao, cannot fundamentally change the asset by purchasing or selling. CZ claimed he still had the majority of the BTC he purchased when he initially entered the crypto market as evidence of his belief in the most widely used cryptocurrency.
A sale that causes CZ no concern
The head of Binance does not comment on Tesla’s move to sell off 75% of its bitcoin holdings. Elon Musk’s decision to sell or acquire the asset, in his opinion, “doesn’t matter much” because it won’t affect the fundamentals of BTC, according to him.
The company required money for recently established plants in the US and Germany, as well as stronger cash flow to sustain its operation, according to Tesla’s CEO, who announced the reasons for the sale a few days ago. who have been severely impacted by the extended closure brought on by Covid 19 in China.
No one is exactly sure why Elon Musk sold a significant quantity of bitcoin, according to CZ, who has already pledged $500 million to support Musk’s desire to acquire Twitter. CZ also said that the world’s richest man may require funds to complete the acquisition of Twitter in the second quarter.
CZ emphasized in an earlier interview with CNBC regarding the ongoing contagion that has led to multiple back-to-back bankruptcy that Binance had “very low exposure” to struggling lenders like Celsius and Voyager. He continued by saying that the transaction was neither a creditor nor a debtor.
When asked if Binance has previously examined the hazards associated with these enterprises, which explains why Binance steers clear of them as much as possible, CZ responded ironically:
- I think it’s because we’re stupid. We like to keep things simple… We’re an exchange and that’s why we’re not in the lending business.
Binance continues to establish a presence in Europe and other parts of the world, showing that it is far from a business moron. In addition, the business overtook its longtime rival Coinbase last week as the exchange with the most Bitcoins.
CZ refuses to sell its Bitcoins.
When questioned if he had sold any of his bitcoin holdings during the current bear market, CZ responded that he had kept almost all of the “originals” bought at the beginning of his adventure and that he had only used “less than a single percent” of the reserve he had built up.
CZ stated earlier this month that the only asset he has that he uses to make purchases in life is cryptocurrency and that he has no money.
- For me, I have no dollars. Everything I have is in crypto. So when I need to spend money, I have to spend some of it somewhere. I don’t have to think about selling cryptos. Crypto is my money.
Cz reiterates its steadfast opinions on Bitcoin and all other cryptocurrencies. The CEO of the largest exchange in the world has no plans to sell his Bitcoin and is still optimistic about the future growth of digital assets.
